Holding Bitcoins is a great idea for long-term investments. However, you may have various reasons to sell it for cash. For instance, you might be interested in making a profit on buy/sell operations or simply want to purchase a definite thing and need extra cash. Whatever purpose it is, you will be able to sell Bitcoins for cash securely and fast on a number of platforms specializing in crypto exchanges on Bitpapa.
There are hundreds of sites and apps with the help of which you can convert Bitcoins to USD or another suitable currency. All of them require registration and account verification. We can subdivide them into 3 main groups:
- Crypto Exchange Brokers;
- Peer-to-Peer Sites (P2P);
- Payment Gateways like PayPal
It is enough to have an account with an exchange broker and hold cryptos with it to be able to sell Bitcoins via it. To initiate a transaction, you will need to create a sell order with a statement of the chosen crypto, its amount, and the bid price. When somebody accepts your order, the system will conduct the transaction automatically. Learn the exchange’s T&C, limits, and fees beforehand.
You will need to link a bank account to be able to take out your cash. The withdrawal may take up to 6 days. You should know the cryptocurrency regulation of your area so that you can prepare yourself for possible problems with your bank.
There are a number of peer-to-peer platforms where you can sell BTC directly to a buyer. Some exchanges offer P2P services to their clients, too. Here, the sell order is made in the same way. The advantages of this method are lower or absent fees and a higher level of anonymity. Although you will have an escrow option for ensuring the transaction, you should factor in the risks of dealing with unknown traders.
The good news is that you can easily buy, store, and sell cryptocurrencies – Bitcoin included – with PayPal. This is an excellent choice when you already possess an account with this payment gateway. The whole procedure will be quick, easy to do, and secure. The fees range from $0.50 to 2.30%.
There are other similar ways to sell Bitcoins. For instance, you may use Bitcoin ATMs the number of which grows constantly. However, this method is based on online exchanges. Its major flaws are steep fees and a too intricate verification process.
One more option is to sell BTC for cash to a buyer at a personal meeting. Here, you do not only have to understand how crypto wallets work and crypto transactions are done but also fully trust your partner.
Thus, it won’t present difficulty for you to pick a suitable way to sell Bitcoins for cash. Be aware of what you do, meet common security rules, and your deal will be a success.